PharmaDrug Appoints David Posner as Advisor to Enhance Shareholder Value and Explores Strategic Options for Cepharanthine and DMT Programs
LOS ANGELES– PharmaDrug Inc. has announced the appointment of David Posner to its Advisory Committee and as a consultant for strategic initiatives and corporate restructuring. Posner, known for his involvement in the cannabis, psychedelic, and fintech sectors, brings valuable expertise to PharmaDrug. His track record includes founding companies like Red Light Holland and Psyched Wellness, as well as successfully vending companies he founded to larger players.
PharmaDrug’s Board of Directors is currently exploring strategic alternatives to maximize shareholder value for its cepharanthine and N,N-Dimethyltryptamine (DMT) programs, which the management believes are undervalued by the market. One possible avenue being considered is entering into joint ventures to enhance intellectual bench strength, scientific program synergies, and short- to mid-term financial flexibility. The company has already initiated discussions with several potential partners, although no agreement has been reached yet. PharmaDrug intends to maintain operational control over its cepharanthine and DMT programs.
In line with this strategic initiative, the company has parted ways with its Chief Science Officer, Paul Van Slyke. PharmaDrug will engage third-party consultants until a new strategic partner is finalized. The company expressed its gratitude to Van Slyke for his contributions and acknowledged his instrumental role in advancing the cepharanthine and DMT programs to their current stage. The management team wished him success in his future endeavors.
PharmaDrug is a specialty pharmaceutical company focused on the research, development, and commercialization of controlled substances and natural medicines, including psychedelics and previously approved drugs. The company owns Sairiyo Therapeutics, a biotech company specializing in researching and reformulating established natural medicines for clinical trials and regulatory approval processes in the US and Europe. Sairiyo is currently developing a patented reformulation of cepharanthine, a drug with potential for the treatment of infectious diseases and rare cancers. The company is also conducting R&D in the psychedelics space for the treatment of non-neuropsychiatric conditions.
California’s Legal Cannabis Market Faces Declining Sales in Q1 2023
LOS ANGELES- California's legal cannabis market continues to grapple with challenges, as indicated by the latest tax and sales numbers released by the state's Department of Tax and Fee Administration. According to the agency's report ...
Organigram Enters Partnership with Phylos Bioscience to Enhance Cannabis Genetics and Technical Capabilities
LOS ANGELES-- Organigram Holdings Inc, a licensed producer of cannabis, announced today that it has forged a comprehensive technical and commercial relationship with Phylos Bioscience Inc., a renowned U.S. cannabis genetics company based in Portland, ...
Uncertain Future for Medical Cannabis Expansion in Texas as Legislative Session Nears Conclusion
AUSTIN-- As the Texas legislative session draws to a close this Memorial Day, the future of medical cannabis expansion in the state remains uncertain. Crucial legislation aimed at broadening access to low-THC medical cannabis products ...